Provisional
This query is : Open
22 July 2021
During F Y 20-21 one partner retired and one was admitted as on 30.06.20
Provisional accounts need to be prepared as on 31.03.21
My question is in provisional accounts as on 31.03.21 how will the treatment of share of profit to old, newly admitted and retired partner be shown ?
Provisional accounts need to be prepared as on 31.03.21
My question is in provisional accounts as on 31.03.21 how will the treatment of share of profit to old, newly admitted and retired partner be shown ?
22 July 2021
For old partner profit keep it under liability. For new partner credit profit to capital account.
23 July 2021
Old partners share calculated as per the ratio, retired partner share was calculated in profits till 30.06.20 and new admitted partner share in profit after 30.06.2020 i.e for 9 months.
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